Identity fraud is the leading type of credit card fraud in the US. Over 9 million adults are victims each year, which results in $100 million in merchant losses. Despite the increased digital power at our disposal, the state of the current security systems available for the prevention of identity fraud is still inadequate.
A problem associated with current security systems is that they lack the ability to truly discern an identity of an individual at the fundamental level.
Accordingly, there is a need for a better security system that is able to truly discern an identity of an individual in order to prevent identity fraud.